Bullion counter can witness some short covering amid dip in greenback but fear of faster interest rate hike by Fed to tackle rising inflation can cap the upside. Gold can test 49500 while taking support near 49100 while Silver can move towards 56500 while taking support near 54500.
Bullion counter can witness some short covering amid dip in greenback but fear of faster interest rate hike by Fed to tackle rising inflation can cap the upside. Gold can test 49500 while taking support near 49100 while Silver can move towards 56500 while taking support near 54500. Global economic growth is slowing more than it was forecast a few months ago in the wake of Russia’s invasion of Ukraine, as energy and inflation crises risk snowballing into recessions in major economies, the OECD said on Monday. Holdings of SPDR Gold Trust , the world’s largest gold-backed exchange-traded fund, fell 0.40% to 943.47 tonnes on Monday from 947.23 tonnes on Friday.
In base metal counter, Copper can trade with mixed bias as it can move in range of 620-635. In terms of fundamentals, with the arrival of both imported and domestic copper, the inventory of copper increased slightly. And downstream companies increased their purchases amid the sharp drop in futures prices. Zinc may move sideways in range of 260-285 in MCX. Aluminum can remain subdued as it can test 185 in MCX. On the supply side, aluminium production cuts in Yunnan were in line with market expectations. On the demand side, aluminium processing companies reported that their orders continued to pick up slowly, but the pace of recovery was much slower than in previous years.
Crude oil may witness range bound movement as expectation of production cut by producer alliance OPEC+ sought to avoid a collapse in prices kept downside capped. Overall it can move in range of 6200-6400. Iraq Oil Minister Ihsan Abdul Jabbar on Monday said the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, known as OPEC+, were monitoring the oil price situation, wanting to maintain balance in the markets. OPEC+ has boosted output this year after record cuts put in place in 2020 due to demand destruction caused by the COVID-19 pandemic. Natural gas prices may remain on sideways path as it can move in range of 560-600 in MCX.
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